Did you know that businesses are required to implement a set of security standards to protect credit card data?
Did you also know that banks and credit card companies can impose fines and penalties on your business if you fail to maintain these requirements?
PCI DSS Compliance
This set of requirements is known as the Payment Card Industry Data Security Standard, or PCI DSS. The purpose is to help protect your customers’ data and reduce credit card fraud. Non-compliance can be complicated and expensive!
Think about this scenario:
A restaurant chain reports that the credit card readers in three of their store locations have been compromised. Forensic investigations identify that the point-of-sale systems, which are common at all three locations, have been manipulated to store sensitive cardholder data when payment cards are swiped through the reader. The restaurant’s acquiring bank imposes fines and penalties for failure to develop and maintain a secure payment system, failure to protect the system from vulnerabilities, and failure to test for the presence of unauthorized wireless access to the system for over two years.
Without comprehensive cyber liability insurance, this restaurant could be left to pay for defense costs and the fines and penalties levied against their chain.
PCI DSS Insurance
Society’s cyber liability insurance provides coverage for assessments, fines or penalties imposed by banks or credit card companies due to non-compliance with the Payment Card Industry Data Security Standard (PCI DSS) or payment card company rules (subject to underwriting approval).
At a time when technology and the risks associated with it affect every person and business, cyber liability insurance is critical for businesses of all sizes. To learn more about this important cyber liability coverage and other small details that make a big difference, contact your local Society Insurance agent.
More Data Security Resources
There is no time like the present to educate yourself and your employees on the importance of data security. Click here for data security resources for your business.